HBX Group Shares Slide in Spain Debut After €748 Million IPO (2)

Spanish travel technology firm HBX Group International Plc’s shares slid in their Thursday debut, marking a rocky start of trading for Europe’s biggest initial public offering so far this year.

The stock closed at €11.00, down 4.3% from the price of its IPO. HBX and shareholders Canada Pension Plan Investment Board, Cinven and EQT AB raised €748 million ($779 million) in the offering. The company’s backers could raise an additional €112 million via an overallotment option following the debut.

HBX’s debut could serve as an early indicator of whether European IPO activity can build on last year’s volumes ...